Due to popular demand, we have recently launched our newest products: Visa Services and PEO in Poland. The number of foreign nationals coming to work and conduct business in Poland keeps growing every year. The country has established itself as the top investment destination in the Central and Eastern Europe region due to favourable legislation, large domestic market, comparatively low labour costs and strong education system.
Numbers speak for themselves
According to Eurostat, Polish authorities issued 585,969 first temporary residence permits for non-EU citizens in 2016. It is the second highest figure in the European Union, beating Germany and loosing only to the UK by 31 individuals.
On the contrary to popular belief, these are not refugees fleeing war after-effects. Around 84.3% of immigrants come to Poland for professional reasons. Poland has issued the biggest number of residence permits given for employment reasons (58% of all EU permits). In the meantime, in the UK 42.2% of issued permits accounted for educational reasons, while in Germany 55.9% of expats stated ‘other reasons’ for immigration.
Most of the companies are started by the citizens from the following countries: China, India, South Korea, Spain, the UK, Ukraine and the US.
Poland is one of the strongest and most reliable economies in Europe, having experienced an impressive GDP growth of 56% since it joined the trade bloc in 2004. According to MSCI, it ranked fourth among the world’s top emerging economies of 2018. The analysis focused on such indicators as political risks, the competitiveness of exchange rates in comparison with US dollar, asset valuations and current-account positions.
In addition to this, Warsaw Stock Exchange was classified as a developed one by FTSE Russell in October 2017. Poland is the first CEE country to achieve this status.
Poland’s population of 38 million people represents a vast market, and demand for many products and services is huge. Also, its location at the heart of Europe makes it easy for investors to access markets in Germany, Russia and former Soviet satellite countries.
The country’s 14 Special Economic Zones offer support and incentives for foreign investors, such as: income tax and real estate tax exemptions, technology parks offering infrastructure for high-tech and R&D companies, preferential tax allowances to purchase new technologies and R&D centres.
As shown above, if you can ignore outdated stereotypes, this Central European country that has a lot more to offer than you might initially think. Poland has come a long way to grow and stabilise its economy, as well as create a healthy business ecosystem not only for its nationals, but for the newcomers too.